tl;dr
Circle chief executive Jeremy Allaire predicts that President Donald Trump will sign executive orders enabling banks to trade crypto assets and offer crypto services to wealthy customers. Allaire hopes for the repeal of the U.S. Securities and Exchange Commission's Staff Accounting Bulletin 121, whi...
Circle CEO Jeremy Allaire predicts that President Donald Trump will sign executive orders enabling banks to trade crypto assets and offer crypto services to wealthy customers. Allaire also expresses hope for the repeal of the U.S. Securities and Exchange Commission's Staff Accounting Bulletin 121, which requires certain companies to label digital assets as liabilities on their balance sheets.
Despite previous skepticism, Trump has pledged to protect and grow the digital asset sector, promising to end policies preventing crypto use and to halt the sale of seized Bitcoin. Circle, Allaire's firm, has contributed $1 million worth of the stablecoin USDC to Trump's inaugural committee.
In a recent interview with Reuters, Allaire predicts that Trump will sign executive orders enabling banks to hold digital assets in portfolios, trade them, and offer crypto services to wealthy customers. He also hopes that the U.S. Securities and Exchange Commission repeals Staff Accounting Bulletin 121, stating, "I’m strongly in favor of repealing it and I would hope that President Trump would take that action."
After expressing skepticism about Bitcoin and crypto during his previous presidential term, Trump spent the year leading up to October’s election pledging to protect and grow the digital asset sector. He promised to end policies that prevent crypto investors and companies from using digital assets and also said the US would stop selling its trove of seized Bitcoin on the open market.
Circle's contribution of $1 million worth of the stablecoin USDC to Trump's inaugural committee earlier this month further highlights the intersection of cryptocurrency and the political landscape.